ASX gold shares became a safe haven for investors during this past year.
With political tension, global conflict, and widespread uncertainty, gold exposure can protect your portfolio from losses if there is a market downturn – like what we saw in April.
When shares and other assets fall, investors may start putting their money into gold, which can drive up its price (like what's happened this past year).
This has sparked a bull run for ASX gold shares in the past 6-12 months.
But can the run keep on going?
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Evolution Mining Ltd (ASX: EVN)
Evolution Mining is one of Australia's largest listed gold miners. The company engages in exploration, development, and production activities in both Australia and Canada.
Its share price has risen an impressive 91.04% over the past year and hit record highs in June.
Based on guidance from Bell Potter, the share price of the ASX gold stock may be close to its peak.
Bell Potter has lowered its earnings forecasts for Evolution Mining due to expected lower production and higher capital spending.
Despite this, Evolution Mining still offers strong exposure to gold and copper, with quality assets and plans to return more cash to shareholders.
The broker has a hold rating and price target of $8.10. This indicates a 5.6% upside.
Northern Star Resources Ltd (ASX: NST)
Northern Star currently has gold production centres at its Kalgoorlie and Yandal projects in Western Australia and the Pogo goldfields in Alaska.
This ASX gold share has risen 15.96% over the last year.
Bell Potter still has optimism around Northern Star shares.
Projections from the broker indicate the company is showing solid growth and improving profitability, with stronger returns and increasing shareholder value expected through 2027.
The broker currently has a target price of $20.68 on the ASX gold share and an overweight rating.
This indicates an upside of 25.5%.
Gold Road Resources Ltd (ASX: GOR)
The company is a gold miner and explorer operating in Western Australia's northeast Goldfields region.
Its share price has flown 81.25% higher over the last year.
However, broker Bell Potter indicates there isn't much further growth in sight for this ASX gold share.
The broker has a hold recommendation and price target of $3.25.
This suggests it's trading close to fair value based on its current price of $3.19.
Another option for investors looking for physical gold exposure is the Global X Physical Gold (ASX: GOLD).
The fund delivered investors a return mirroring the growth in the Australian dollar gold price.
It has risen 43% in the last year.
